Alliance Trust boss calls for clarity from Bank on monetary policy

Uncertainty over money printing in the US and the policies in the UK of the new Bank of England governor Mark Carney will lead to more market volatility this year, the boss of Alliance Trust warned today.

Katherine Garrett-Cox said the global economy was likely to remain “choppy” as her investment firm made an impressive start to 2013. Alliance reported total shareholder returns of 15.2% during the first six months and saw its net asset value rise 12.5% to 495.6p. It now manages total assets of £4.6 billion.

“Investors are anticipating a likely change in policy towards quantitative easing in the US and look for clarity of policy from the new governor of the Bank of England,” she said.

Ms Garrett-Cox, who has seen off a couple of investor revolts during her five years in charge, said Alliance was no longer “UK-centric”. Its largest equity holding is in the American pharmaceutical giant Pfizer, followed by Walt Disney.